AUD/USD was faded overnight on a modest rally from 0.7167 that reached a high of 0.7229 resulting in a long wick on the candlestick which points to a period of consolidation ahead of further key data releases on Friday's US session following the US CPI data miss - currently, AUD/USD is trading at 0.7193 and all ears will now remain with what Trump or Chinese officials have to say about their trade dispute. AUD/USD lost its traction when the dollar spiked when Trump tweeted "there has not been any real progress” with regard to the dispute.  This followed a bout of weakness in the greenback earlier in the week when the Wall Street Journal on Wednesday had reported that the U.S. was reaching out to China for a new round of high-level trade discussions, ahead of the Trump administration’s plans to place more tariffs on Chinese imports which are regarded as giving the US the advantage while damaging for EMs - whereby the Aussie trades as a proxy. Meanwhile, and domestically, Aussie GDP,  released last week, was showing that Aussie growth had jumped to a 6yr high in Q2. The more positive outlook was underpinned yesterday by the jobs report for August that beat market forecasts by all metrics that came in better than forecasts. (source: fxstreet